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30 Oct 2007 12:10:21

Wave energy firm seeks AIM listing

Wave energy company Oceanlinx has announced it will seek a listing on London''s Alternative Investment Market.

The firm makes devices that can harness the power of the sea to produce electricity, and is involved in a wave power project off the coast of Cornwall. It also has technology that can make drinkable water from sea water.

"Oceanlinx intends to deploy this technology, capitalising on its ''early mover advantage'' to become a leading supplier of electricity and clean water through a Build, Own and Operate business model," a spokesman said.

"The company believes that its technology will allow it to produce electricity on a larger scale, at lower cost and at higher levels of reliability than that currently achieved by other wave power devices."

The global demand for energy is expected to double over the coming 20 years, and renewable energy is likely to produce a growing proportion of this.

Its project in Cornwall, the Wave Hub, is expected to be operational by the fourth quarter of next year and is "the first large-scale multi-technology wave energy development".

The issue of alternative energy is becoming more important in light of record high oil prices, which broke through the $90 a barrel mark last week.

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